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001 A000000 RWB/WPG US LARGE STOCK FUND
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002 A000000 1 NEW YORK PLAZA, 31ST FLOOR
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002 D020000 1950
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<PAGE> PAGE 2
080 A000000 GULF INSURANCE COMPANY
080 C000000 3675
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SIGNATURE JOSEPH REARDON
TITLE VICE PRESIDENT
To the Shareholders and Board of Trustees of
the RWB/WPG U.S. Large Stock Fund:
In planning and performing our audit of the financial statements of the
RWB/WPG U.S. Large Stock Fund (the "Fund") for the year ended
December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control. The management of
the Fund is responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of the Fund, and the Securities and Exchange Commission.
January 20, 2000
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</TABLE>
